Anant Raj Limited (ANANTRAJ)
₹511.75 -2.35% last close, 16 Oct
Q2 FY27 results
📅 Next results: 28 Oct 2026 (board meeting)Anant Raj Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Anant Raj's revenue was ₹631 Cr (+6.6% year on year, -2.4% on the previous quarter), and net profit ₹149 Cr (+18.5% year on year); the operating margin was 29.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹631 | +6.6% | -2.4% |
| Operating profit | ₹183 | +21.7% | +9.8% |
| Net profit | ₹149 | +18.5% | +0.1% |
| EPS (₹) | 4.16 | +13.4% | +2.2% |
| Operating margin | 29.0% | — | — |
ANANTRAJ delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.06% of the ANANTRAJ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.72%. That is close to its usual level.
Delivery in the last 5 sessions: 30.2% · 38.2% · 37.3% · 51.2% · 41.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Anant Raj Cloud Singapore, a wholly owned subsidiary of Anant Raj Limited, along with Orange Business Services Singapore, has signed a Memorandum of Understanding (MoU) with the Government of Haryana on October 6, 2026. The MoU focuses on global marketing of Ashok Cloud and onboarding overseas workloads to Haryana data centers. This supports Anant Raj's ongoing commitment to build ~307 MW IT Load capacity across Manesar, Panchkula, and Rai campuses, backed by an earlier ₹25,000 crore investment commitment made in June 2026. No immediate financial consideration was paid or received under this agreement.
- MoU signed on October 6, 2026, among AR Cloud Singapore, Orange Business Singapore, and Haryana Government
- Targets attracting global data workloads to Anant Raj's planned ~307 MW IT Load across Manesar, Panchkula, and Rai
- Rai campus alone holds a potential capacity of around 200 MW IT Load
- Builds on the company's June 2026 commitment of ₹25,000 crore for Haryana data center infrastructure
- No immediate consideration received or paid; no joint venture or equity holding involved
Anant Raj Cloud Singapore, a wholly owned subsidiary of Anant Raj Limited, along with Orange Business Services Singapore, has signed a Memorandum of Understanding (MoU) with the Government of Haryana on October 6, 2026. The MoU focuses on global marketing of Ashok Cloud and onboarding overseas workloads to Haryana data centers. This supports Anant Raj's ongoing commitment to build ~307 MW IT Load capacity across Manesar, Panchkula, and Rai campuses, backed by an earlier ₹25,000 crore investment commitment made in June 2026. No immediate financial consideration was paid or received under this agreement.
- MoU signed on October 6, 2026, among AR Cloud Singapore, Orange Business Singapore, and Haryana Government
- Targets attracting global data workloads to Anant Raj's planned ~307 MW IT Load across Manesar, Panchkula, and Rai
- Rai campus alone holds a potential capacity of around 200 MW IT Load
- Builds on the company's June 2026 commitment of ₹25,000 crore for Haryana data center infrastructure
- No immediate consideration received or paid; no joint venture or equity holding involved
Anant Raj Limited has informed the exchanges regarding a scheduled investor meeting with Capital Group on Monday, September 28, 2026. The meeting will be conducted as a one-on-one or group interaction at The Oberoi, Gurugram. The company confirmed that no unpublished price-sensitive information (UPSI) will be discussed during the interaction.
- Meeting scheduled with Capital Group on Monday, 28th September, 2026
- Venue finalized at The Oberoi, Gurugram
- Meeting format structured as One on One / Group
- Confirmation that zero unpublished price sensitive information will be shared
Anant Raj Limited has informed the exchanges that it will participate in an institutional investor interaction at the 'Jefferies 5th India Forum 2026' on Friday, September 18, 2026. The meeting will take place in Gurugram in a One on One / Group format. The company stated that no unpublished price sensitive information (UPSI) will be shared. This is a routine schedule disclosure under Regulation 30.
- Participation scheduled for Friday, 18th September, 2026
- Event: Jefferies 5th India Forum 2026 held in Gurugram
- Meeting format: One on One / Group meetings
- Explicitly stated that no unpublished price sensitive information will be shared
Anant Raj Limited has responded to an NSE surveillance inquiry dated September 3, 2026, regarding a significant increase in trading volume. The company confirmed that it has made all required disclosures under Regulation 30 of SEBI LODR Regulations and has no undisclosed price-sensitive information. Management stated that the recent volume movement appears to be driven by external market and industry factors rather than company-specific undisclosed developments.
- NSE surveillance query letter dated September 3, 2026 (Ref No. NSE/CM/Surveillance/17469)
- Company issued its formal clarification response on September 4, 2026
- Management confirms zero undisclosed price-sensitive information bearing on trading volume
- Trading volume surge attributed to external industry and market factors
Anant Raj Limited has received RERA registration from HARERA Gurugram for its new luxury residential group housing project, 'The Estate One'. Situated at Golf Course Extension Road, Sector-63A, Gurugram, the project carries a built-up area potential of approximately 1.22 million sq. ft. The company has officially designated August 20, 2026, as the launch date, catering to both domestic and international markets.
- Received RERA registration (No. 56 of 2026) for luxury housing project 'The Estate One' on August 20, 2026.
- Project offers a built-up area potential of approx. 1.22 million sq. ft. in Sector-63A, Gurugram.
- Project launch effective immediately (August 20, 2026) targeting domestic and international buyers.
Anant Raj Limited has informed the exchanges that it will participate in a Non-Deal Roadshow organized by Kotak Institutional Equities. The meetings are scheduled to take place in person in Singapore from August 24 to August 26, 2026. The interactions will include one-on-one and group meetings with institutional investors, and no unpublished price sensitive information will be shared.
- Non-deal roadshow scheduled from August 24 to August 26, 2026
- Organized by Kotak Institutional Equities in Singapore
- Meeting format includes one-on-one and group in-person sessions
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
Anant Raj Limited reported a 6.58% YoY revenue growth to ₹631.40 Cr for Q1 FY27, with PAT rising 18.5% to ₹149.19 Cr. The company achieved significant margin expansion, with EBITDA margins improving 449 bps to 31.15%. A key growth driver is the Data Center vertical, which contributed ₹90 Cr to Q1 revenue and is targeted to scale from 28 MW currently to 357 MW by 2032. The company also confirmed a 1:1 demerger ratio for its digital infrastructure business, Ashok Cloud.
- Q1 FY27 EBITDA grew 26.21% YoY to ₹202.74 Cr, driven by high-margin Data Center and luxury residential segments.
- Data Center and Allied services revenue stood at ₹90 Cr for the quarter, representing ~14% of total revenue.
- Targeting 63 MW IT load capacity by the end of FY27, up from the current operational 28 MW.
- Demerger ratio set at 1 equity share of Ashok Cloud (FV ₹2) for every 1 equity share of Anant Raj held.
- Net debt reduced by 81% from ₹1,626 Cr in FY21 to ₹306 Cr as of FY26.
Anant Raj Limited has released the scrutinizer's report for its 41st Annual General Meeting held on August 7, 2026. Shareholders approved all seven resolutions, including the adoption of FY26 financial statements and the declaration of a final dividend. Notably, resolutions to increase managerial remuneration for the Managing Director, CEO, and COO were passed with high majorities. While most resolutions saw near-unanimous support, the appointment of Sh. Anish Sarin as Whole-time Director faced 14.07% institutional dissent.
- Total of 3,56,173 shareholders were on record as of the cut-off date, July 31, 2026.
- Resolution 2 for the declaration of final dividend passed with 99.9999% of votes in favor.
- Resolution 4 regarding the appointment of Sh. Anish Sarin saw 14.07% institutional votes cast against the proposal.
- Remuneration increases for MD Amit Sarin, CEO Aman Sarin, and COO Ashim Sarin were all approved with over 99.99% total favor.
- Overall voting turnout represented approximately 69.25% of the company's 35.98 crore total shares.
Anant Raj Limited reported a steady Q1 FY27 with consolidated revenue of Rs 631.40 Cr, a 6.6% YoY increase. Net profit grew 18.5% YoY to Rs 149.19 Cr, maintaining stable performance despite a slight 2.4% QoQ revenue dip. A key balance sheet highlight is the conversion of the remaining Rs 6.50 Cr NCDs into term loans, resulting in zero outstanding NCDs. The company also utilized Rs 60.01 Cr of QIP proceeds during the quarter, leaving a substantial Rs 689.99 Cr for future expansion.
- Consolidated Net Profit rose 18.5% YoY to Rs 149.19 Cr from Rs 125.90 Cr in the previous year's quarter.
- Revenue from operations reached Rs 631.40 Cr, contributing approximately 28% to the TTM revenue of Rs 2,244 Cr.
- Unutilized QIP proceeds stand at Rs 689.99 Cr out of the Rs 1,099.99 Cr raised in Dec 2025.
- Outstanding NCD liability reduced to zero as of June 30, 2026, following conversion of Rs 6.50 Cr into a term loan.
- Incorporated Anant Raj Cloud Singapore Pte. Ltd. on June 15, 2026, to expand data center services globally.
Anant Raj Limited conducted its 41st Annual General Meeting on August 7, 2026, with 49 members representing 11.12 crore shares in attendance. The meeting focused on the adoption of FY26 financial results, which showed a TTM revenue of Rs 2,244.5 Cr and a PAT of Rs 426.65 Cr. Shareholders voted on nine resolutions, including the declaration of a final dividend and significant increases in managerial remuneration for the Managing Director, CEO, and COO. Management reiterated its strategic shift toward the Data Center vertical, targeting annual rentals exceeding Rs 100 Cr in the medium term.
- 41st AGM held on August 7, 2026, with 49 members present holding 11,12,29,771 equity shares.
- Shareholders voted on the adoption of FY26 Audited Financial Statements showing a net profit of Rs 426.65 Cr.
- Proposed increase in managerial remuneration limits for MD Amit Sarin, CEO Aman Sarin, and COO Ashim Sarin.
- Data Center vertical update: Rentals projected to grow from Rs 50 Cr in FY26 to over Rs 100 Cr in the medium term.
- Appointment of Sh. Anish Sarin as a Whole-time Director was placed for shareholder approval.
Anant Raj Limited is hosting an Analyst & Investor Day on August 11, 2026, in Mumbai to present its strategic roadmap. The agenda specifically highlights a 'Strategic Demerger Overview' and the growth roadmap for Ashok Cloud Pvt Limited, its data center vertical. This is material as the company aims to scale data center rentals from ₹50 Cr in FY26 to over ₹100 Cr in the medium term. The meeting will feature the senior leadership team and focus on long-term sustainable growth platforms.
- Analyst & Investor Day scheduled for August 11, 2026, at 4:00 PM IST in Mumbai.
- Agenda includes a 'Strategic Demerger Overview', indicating potential corporate restructuring.
- Focus on Ashok Cloud Pvt Limited, targeting data center rental growth from ₹50 Cr to over ₹100 Cr.
- Company maintains a strong OPM of 24.9% with TTM revenue of ₹2,244 Cr.
- Management to discuss the roadmap for two focused platforms positioned for sustainable growth.
Anant Raj Limited (ARL) has approved a strategic demerger to separate its core real estate business from its high-growth Data Center and Cloud services vertical. Under the 1:1 swap ratio, shareholders will receive one share of the newly formed Ashok Cloud Private Limited for every share held in ARL. The restructuring aims to unlock value for the digital infrastructure business, which is targeting annual rentals of over •100 Cr in the medium term. Both entities will be independently listed, although Ashok Cloud will technically remain a subsidiary of ARL post-arrangement.
- 1:1 share swap ratio approved for the demerger of the Data Center and Cloud business.
- Data Center rentals expected to grow from •50 Cr in FY26 to over •100 Cr in the medium term.
- Ashok Cloud Private Limited to be independently listed on NSE and BSE.
- Anant Raj Limited maintains a strong financial base with TTM revenue of •2,244 Cr and a market cap of •18,568 Cr.
- The restructuring includes AI-ready cloud infrastructure and sovereign public cloud offerings.
Anant Raj Limited (ARL) has approved a composite scheme to consolidate and demerge its Data Center vertical into a separate listed entity, Ashok Cloud Private Limited (ACPL). Shareholders will receive 1 share of ACPL for every 1 share held in ARL, while ARL will retain a 51% majority stake in the new company. The Data Center business contributed Rs 145.90 Cr to turnover as of March 31, 2026, representing 8.96% of the combined entity's revenue. This move aims to unlock value for the high-growth Data Center segment, which is currently housed across multiple entities.
- Share exchange ratio set at 1:1 (one Rs 2 face value share of ACPL for every one Rs 2 share of ARL)
- Data Center business turnover of Rs 145.90 Cr accounts for 8.96% of the combined entity's turnover
- ARL to maintain 51% ownership in Ashok Cloud, with ARL shareholders directly holding the remaining 49%
- Consolidated net worth of the merging subsidiary ARCPL stood at Rs 49.45 Cr as of March 31, 2026
- The scheme involves the merger of Anant Raj Cloud (ARCPL) into ARL followed by the demerger into Ashok Cloud (ACPL)
Anant Raj Limited (ARL) has approved a composite scheme of arrangement to consolidate and then demerge its Data Center business into a separate listed entity, Ashok Cloud Private Limited (ACPL). Shareholders will receive 1 share of ACPL for every 1 share held in ARL. Post-demerger, ARL will retain a 51% controlling stake in ACPL, while ARL shareholders will directly hold the remaining 49%. The Data Center vertical contributed Rs 145.90 Cr to the combined turnover in FY26, representing approximately 8.96% of the total business.
- Share exchange ratio fixed at 1:1, providing shareholders direct equity in the new Data Center entity.
- Data Center business turnover of Rs 145.90 Cr accounts for 8.96% of the combined FY26 turnover.
- Anant Raj Limited will maintain a 51% majority stake in the demerged entity, Ashok Cloud.
- ARCPL, the subsidiary being merged before demerger, reported a net worth of Rs 49.45 Cr as of March 31, 2026.
- The restructuring aims to unlock value for the high-growth Data Center vertical, which targets Rs 100 Cr+ rentals in the medium term.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 23% YoY to INR 630.79 Cr in Q2 FY26. The Data Center infrastructure and allied services segment contributed INR 35.47 Cr in Q2 FY26 and INR 58.42 Cr in H1 FY26, representing a significant scaling of this new vertical. Overall H1 FY26 revenue grew 24.22% YoY to INR 1,223.2 Cr.
Geographic Revenue Split
The company has a high geographic concentration with the majority of revenue derived from the National Capital Region (NCR), specifically Haryana. Major projects are located in Sector 63A Gurgaon, Neemrana (Rajasthan), and a new project in Tirupati. Specific percentage splits per region are not disclosed, but NCR remains the primary revenue driver.
Profitability Margins
Profitability showed strong upward trends; PAT grew 30.79% YoY to INR 138.18 Cr in Q2 FY26. PAT margin improved to 21.56% from 20.17% YoY. For H1 FY26, PAT grew 34.28% YoY to INR 264.08 Cr with a margin of 21.24%, up from 19.56% YoY, driven by higher-margin data center services and efficient residential sales.
EBITDA Margin
EBITDA margin for Q2 FY26 stood at 27.76%, a significant increase from 23.62% in the previous year. EBITDA for the quarter was INR 177.94 Cr, up 43.85% YoY. H1 FY26 EBITDA margin was 27.23% (up from 23.52%), reflecting improved operational efficiency and a shift toward higher-margin infrastructure leasing.
Capital Expenditure
The company successfully completed a QIP of INR 1,100 Cr in Q2 FY26 to fund its expansion. It is investing heavily in its Data Center vertical, with the first phase of the project scheduled for completion by FY28. Debt for the residential business was reduced from INR 152 Cr to INR 47 Cr as of March 31, 2025.
Credit Rating & Borrowing
The company holds an IVR A/Stable and IVR A3+ rating. It has transitioned to a net zero-debt and surplus cash position as of Q2 FY26, having prepaid INR 125 Cr of debt during the quarter. Debt to CFO ratio was a very healthy ~0.1 as of March 31, 2025.
Operational Drivers
Raw Materials
Primary raw materials include steel, cement, and electrical components for data center infrastructure. While specific percentage costs for each are not disclosed, they constitute the bulk of the project development cost for the residential and data center segments.
Import Sources
Not specifically disclosed, but materials are primarily sourced domestically within India to support NCR-based projects.
Capacity Expansion
The company is scaling its Data Center vertical under Anant Raj Cloud Private Limited. The first phase of the Data Center project is on track for completion by FY28. Residential projects continue in Sector 63A Gurgaon and affordable housing in Tirupati.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company manages costs through its long-standing presence in the NCR market and established procurement networks.
Manufacturing Efficiency
Efficiency is reflected in the EBITDA margin expansion to 27.76%. The company focuses on high-demand areas like Sector 63A Gurgaon to ensure rapid inventory turnover.
Logistics & Distribution
Not applicable as a primary metric for real estate and data center leasing, though project site logistics are managed internally.
Strategic Growth
Expected Growth Rate
24%
Growth Strategy
Growth is driven by the aggressive expansion of the Data Center vertical, where rentals are expected to rise from INR 50 Cr in FY26 to over INR 100 Cr in the medium term. This is complemented by the completion of high-end residential projects in Gurgaon and the utilization of INR 1,100 Cr raised via QIP for debt reduction and project acceleration.
Products & Services
Residential apartments (Sector 63A Gurgaon), affordable housing units (Neemrana and Tirupati), commercial office spaces (Sector 44 Gurugram), leased hotel properties, and Data Center infrastructure/allied services.
Brand Portfolio
Anant Raj, Anant Raj Cloud.
New Products/Services
Expansion into Data Center infrastructure is the primary new service, expected to contribute over INR 100 Cr in annual rentals in the medium term.
Market Expansion
Expanding beyond NCR with an affordable housing project in Tirupati and scaling the cloud/data center business to serve global tech players and BFSI clients.
Market Share & Ranking
The company is one of the oldest development groups in the NCR, having completed over 280 lakh square feet of area.
Strategic Alliances
The company operates various subsidiaries and joint ventures, including Grandstar Realty Private Limited and Anant Raj Cloud Private Limited.
External Factors
Industry Trends
The industry is seeing a massive shift toward data localization and secure hosting. Anant Raj is pivoting from pure-play real estate to a hybrid model including digital infrastructure to capture this growing demand from hyperscalers.
Competitive Landscape
Faces intense competition from other large-scale developers in the NCR region and specialized global data center operators.
Competitive Moat
Moat is built on a massive land bank in prime NCR locations and a 40-year execution track record. The high entry barriers of the Data Center business (capital intensity and technical compliance) provide a sustainable competitive advantage.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and urban housing demand in India. The shift toward digital sovereignty in India is a major tailwind for the Data Center business.
Consumer Behavior
Increasing preference for premium residential units in Gurgaon and a shift by corporate clients toward secure, compliant third-party data hosting.
Geopolitical Risks
Minimal direct exposure, though global tech player investments in Indian data centers are influenced by international trade and data localization policies.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA (Real Estate Regulatory Authority) for residential projects and specific IT/Data Center policies for the cloud vertical. Compliance with the Companies Act 2013 and Ind-AS is maintained.
Environmental Compliance
The company publishes a Business Responsibility and Sustainability Report (BRSR) as per SEBI regulations to track ESG compliance.
Taxation Policy Impact
Dividend income is now taxable in the hands of shareholders effective April 1, 2020, per the Finance Act 2020. The company complies with Ind-AS standards.
Legal Contingencies
A Corporate Insolvency Resolution Process is pending against the subsidiary Grandstar Realty Private Limited. No other material orders from regulators impact the company's status as a going concern.
Risk Analysis
Key Uncertainties
The primary uncertainty is the occupancy ramp-up for the Data Center business; failing to reach 30% occupancy would significantly lower projected cash accruals.
Geographic Concentration Risk
High risk with nearly all major projects concentrated in the Haryana/NCR real estate market.
Third Party Dependencies
Dependency on hyperscalers and BFSI clients for the success of the Data Center vertical.
Technology Obsolescence Risk
Data center infrastructure requires constant upgrading to meet the needs of global tech players; the company is addressing this through its dedicated Anant Raj Cloud vertical.
Credit & Counterparty Risk
Exposure to group and related entities is a weakness, with loans and advances to subsidiaries totaling INR 533.90 Cr as of March 31, 2024.
